Is this frame Ok

I am new here and would like some advice.
I have an old chrome moly Apollo frame with horizontal dropouts. The bike has 27 inch wheels, colnago cranks etc. I rode it for years but replaced it with a new Scott.
I know somewhere between nil and stuff all about track bikes but I would like one to get into some racing.
Can I convert this frame to an Ok track bike with maybe some new wheels and cranks. I do not want to spend a fortune (maybe 4-500) would do before the missus wants something for her as well (not a bike but diamonds or something).

Post photos if you can. If it has Colnago cranks you could probably sell the whole affair and buy a ‘real’ track bike.

yea, take some photos of these colnago cranks.

Sorry guys the cranks were Sugino (165mm), the brakes were colnago. Long time since I looked carefully at bike.
Now for the question again. Is this frame Ok for a 1st track bike with the 27 inch wheels or can I use 700c wheels or will they not look right or handle Ok etc.
Any advice would be appreciated.
(ps, I do not wish to sell any of the old parts). Thanks

The frame will be fine for a conversion and you probably should run 700c wheels as they are a lot easier to get a hold of and you get a larger range of tyres to choose from. The bike will look and handle fine with these on it, but because they are a bit smaller than the original 27’’ the brakes may not have enough reach to the braking surface of the rim, so you may be after new brakes aswell.

Thanks for the suggestions. I will go ahead and get some 700c wheels and build the bike up. The brakes are not an issue as I onlly want the bike for training on the track.
I will take the frame and get it sandblasted so I can paint it properly.

Just beware that the geometry of a track frame and a road frame are quite different at times.